Review: Capital One® Platinum Credit Card

Capital One Platinum is a great starter credit card for people with limited credit history or no credit at all. The best things about the Capital One Platinum Card are its $0 annual fee and the fact that it reports account information to the three major credit bureaus each month. That’s all you need to build credit inexpensively. Just make sure to pay the monthly bills on time and keep your balance well below Capital One Platinum’s credit limit.

You should also be sure to pay your balance in full each billing period if you decide to apply for the Capital One Platinum Mastercard. A low APR is not among Platinum’s perks. On that note, Capital One Platinum does not offer rewards. But there aren’t many rewards cards for people with limited credit who aren’t in college, and the offers that are available usually have annual fees. So, if building credit at a low cost is your main goal, Capital One Platinum should still be one of your top choices.

Capital One Platinum Review Highlights:

Designed for credit newcomers. The Capital One Platinum Credit Card was built for building credit, so applicants with only limited/fair credit can get approved. As long as you pay your bill on time every month and avoid using your full credit line, Capital One will report positive account information to the major credit bureaus, helping you create a track record of credit responsibility. You can monitor your progress using WalletHub’s free daily credit score updates.

No frills, no fees. Some people might be turned off by the Capital One Platinum Card’s lack of both rewards and 0% introductory APRs. But at this point in your credit career, your top priority should be building credit as inexpensively as possible. And Capital One Platinum helps you do that by not charging annual, monthly or one-time fees. You won’t have to worry about foreign-transaction fees, either.

Bad for carrying a balance. The Capital One Platinum Mastercard is not the best choice for financing, as any balance carried from month to month will accrue interest at an annual rate that’s much higher than the 23.25% rate charged by the average credit card for fair credit, according to WalletHub’s most recent Credit Card Landscape Report.

Potential for a higher limit after 5 months. If you pay your bill on time for the first 5 months your account is open, you will be considered for a higher spending limit. That will help you improve your credit utilization, thus benefitting your credit score.

The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So as long as you’re approved for the card, you’re guaranteed at least a $300 spending limit. But if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit. Some users have reported Capital One Platinum credit limits of $500 to $1,500 to start.

Keep in mind that you aren’t stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 5 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.

Capital One Platinum credit limit details:

You’re guaranteed a credit limit of at least $300 if you’re approved for Capital One Platinum.

Capital One Platinum only requires limited credit for approval. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit. Some users report getting $500-$1,500 initially.

Capital One may increase your credit limit after you make your first 5 monthly payments on time. After the first 5 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.

You can request a credit limit increase yourself by calling customer service at 1 (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You’ll have to provide information about your income and employment for Capital One to make their decision.

So you’ll get $300+ from Capital One Platinum to start. If you use your card responsibly, you’ll provide yourself with opportunities to increase your limit. But it’s best not to ask for an increase before five months of on-time payments, as you’ll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That’s pretty standard.

The Capital One Platinum foreign transaction fee is 0%. With no foreign fee, Platinum cardholders do not have to pay extra for international purchases, either when traveling outside the U.S. or buying online from merchants based abroad. Capital One does not charge a foreign transaction fee on any of its credit cards. Foreign transaction fees from other issuers range from 1% to 3% of the purchase amount. The Platinum card also comes with a 26.96% (V) annual fee.

The Platinum Card from Capital One doesn’t have rewards. Low fees are its main benefit. The fact that it can help you build credit for free is more important than rewards anyway. There is one great feature, though. If you make your first five monthly payments on time, you’ll be eligible for a credit limit increase.

You can take out a Capital One Platinum cash advance at an ATM as long as you have a cash advance PIN. You can request a cash advance PIN for your Capital One Platinum card through your online account or by calling customer service at 1 (800) 227-4825. To get a Capital One Platinum cash advance PIN online, log into capitalone.com and click “I Want To…,” then “Get a Cash Advance PIN” (under the header “Control Your Card”). You’ll be able to get a PIN instantly delivered to your email or over text.

Once you have the cash advance PIN, you can withdraw cash at an ATM the same way you’d do with a debit card. You can use non-Capital One ATMs, but you’ll be subject to additional fees (typically $3-$5). That would make cash advances even more expensive than they will be already. Capital One Platinum has a cash advance fee of $10 or 3%, whichever is greater. The withdrawal will also be subject to a high APR. The Capital One Platinum cash advance APR is 26.99%.

Another way you may be able to take out a cash advance is by using Capital One credit card checks, which Capital One sends to some cardholders based on creditworthiness. There are checks for purchases, balance transfers, and cash advances. Essentially, they work the same way any check would and allow you to pay at places that may not accept credit. However, if you do use a cash advance check, standard cash advance fees and rates apply. If you weren’t sent credit card checks, you can call Capital One customer service at 1-800-227-4825 and request them, but it’s not guaranteed your request will be granted.

Upgrading from the Capital One Platinum card to Venture is a long shot, considering that Platinum is regarded as a starter credit card. But if you are a decent cardholder they might do it, because they want you to use the card more and want you to stay with the company.

Platinum cardholders usually get upgrade offers to Quicksilver, which is a great mid-tier card, especially considering the lack of rewards on the Platinum card. In the end it really depends on your payment history and how long you've responsibly used your card for. Simply give them a call and ask. Good luck!

3.6 out of 5

Said I had good approval odds but didn’t get it. Probably good that I didn’t I guess but why have it on here as good? I just got another card with Capital One... maybe that’s why. Either way, I hate that I took an inquiry hit for nothing.

Anything about Capital One cards are Horrible . I wouldnt waste my time on any of their cards . Just ridiculous trying to get approved .I would check on other cards before any Capital One Cards. I tried numerous times .

Horrible in everyway from incorrectly reporting payments, saying i missed payments, not reporting info correctly and ruining my credit score, the list goes on. They were supposed to increase my limit as long as my payments were made on time they instead said i missed payments and then would over charge me even though the had collected the payments i made on time.

I like that people who don't have credit can start building it up through capital one, without offers like this, getting a foot through the door would be much harder. So thank you Capital One for your awesomeness.

Ive applied twice for a capital one card , each time my approval odds were good. I got denied both times and took 2 hard inquirings on my credit report. The cards I applied for, were for people with a low credit score(credit building cards) My score is is 615 at the moment(poor/fair) and I have a perfect payment history on my other open accounts. I do have a deliquent hospital bill in the amount of $107(insurance dispute) but besides that , there is nothing else(BAD) on my credit report. So dont risk the hard inquiries that youll receive trying to apply for these cards. I recommend credit one bank and citi bank , theyre awesome!

August 2017 Chapter 7 Bankruptcy
Score 529
November 2017 score of 649
Cap one send me an application for one of their annual fee card!
put that in the trash then applied for
Capital One® Platinum Credit Card, to my surprise, got approved!
April 2018 credit limit doubled to 1000$
I don't carry a balance so
I don't worry about APR
happy camper here.
Jan 2019 credit limit is 6000$

This deserves no stars.
I tried setting up a mobile payment on my CapitalOne app. At the time I was out of the country in Mexico. 3 separate times the payment came back as returned over the course of no more than 4 days. When I got back home to San Diego I called to take care of it - I was placed on hold for close to 45 minutes. I hung up because I had to go into a meeting. Called back in the very next day because when I checked my account both of the credit cards had been closed off due to the returned payments.
I had NEVER missed a payment with them. I got absolutely no call or heads up that they were going to close my account. They closed both of my accounts even when the other one had no returned fees.
Now they are saying neither account can be re-opened. Keep in mind I never had a late payment, called in to make it right, wasn't given any warning, and they come back with this. It's ridiculous. This is going to adversely affect my credit when their app was the reason I wasn't able to get my payment scheduled properly.
I DO NOT recommend this company to anyone. Unfair, unjust, unworthy. Don't open a credit line with them. I will be reporting their practices to the BBB as well as sharing this information with my network on every social media platform I have. Don't trust the cheerful TV commercials - it's all bullshit.
**The reviews on their website are fake since there is no where to leave one.
- Antouan Benbalit

Hopefully get my credit card in entire life trying to get credo card l never had and tryin to add my insurance car to higher my credit scores I'm not trying to get a best credit card or higher limits to start my credit card limit got te do what I have to start with a limit

Although I really do want to embark on my expanture with this card because of it’s diverse attributes fitted for new establishees, I still thin the intrest could be lower in it annual yield rate/ thus balancing some of the consolidated debt that has been taken care of new consumers without having a hard inquiry placed on their credit for accounts that weren’t theirs to begin with in the first place.

Applied just a few mins ago so i cant really rate on the card its self but I was Approved for a 300$ credit limit. I completely ruined my credit since i was 18 & started trying to fix it by my self 2 years ago, not much luck though. All accounts are old they are still there to include a repo of a car. My credit score as of now on credit karma was 561. I tried a credit building card application not too long ago for a crappy company and was declined. Im happy they did because I wouldnt of tried for this card. Im excited to get it and use it! I wanted to add... I did the pre qualify thing first and it said it didnt have any offers but i may be interested in this card and i tried. First credit card approval in years.

so far, I’m loving this card! I opened it because, I had NO credit history. First I opened a opensky secured credit card then 2 months later I opened this cap1 card. It’s been almost 5 months, and I have not had any problems with this card. Transactions are quickly processed, and payments are quickly processed. My credit score is doing well. I’ve never missed a payment. I always pay in full. I always only use 9% of my card each month to increase my credit score.

Good card for rebuilding or just starting your credit history. Pay your bill on time and they increase your balance in 5 months. Interest rates is high but they are dealing with risky people, so you're credit report says.

More than 5 years ago, after maxing out cc's for various reasons, I sought out a credit counseling co. to help make monthly payments and get my cc's paid off. I was successful! Either the acct's were closed or I closed them. Two Capital One acct's show up on my Transunion report, one being a Kohl's card (Cap 1) and one of their cc's. They're paid off but show a 30 day and a 60 day late payment from 2013. I have had no cc use since then. Unbeknownst to me, there was a $200+ collection on my report from an unpaid medical bill. A bill I was unaware of, and I never heard from the collection agency. I resolved that immediately. So, my credit score is low (about 650+), but I can't say my credit worthiness is bad because I have not used any credit for more than 5 years. BofA turned me down for a secured card, and I have a checking account with them!!!! Discover approved me for a secured card ($700). I applied for this Cap One Platinum card based on suggestion of WalletHub, and after faxing to them proof of income, I called two days later to be told I was approved ($300). I am doing this only to build up credit, as I want to be able to apply for and be approved for a certain travel card with Chase. I am very happy to be approved, and looking forward to building up my score. BTW, I had to keep calling in for info. I never received anything via mail for additional income info, and it was because I called in repeatedly to finally be toldI additional info was needed (which I faxed to them immediately), and then be told I was approved.&#x2026; read more

To everyone thinking of Applying for this card.
I was given a Capital One Platinum card right after my Bankruptcy. My score was 660 and my discharge was in August. I applied for it 3 days after my discharge. Was approved!
Definitely give this card a try. The interest rate is 18 to 24% based on your score at the time,but it's a no annual fee, non secured card that reports to 3 credit reporting agencies.
My initial credit is $500. They sent me a email saying if I make 6 on time payments they will increase to $750.
I have no regrets about getting this card. Stay away from CreditOne and First Progress as they are a absolute scam. High deposits and unbelievable yearly rates. Best of luck everyone!

I would defiantly recommend getting this card if your like me and your just starting off with fair credit but you have the goal of getting excellent credit then this card is for you. the key is to have a steady income and pay off what you borrowed from the bank in full before the due date of the billing cycle and if you don't then the bank will charge you interest so lets say you borrow 20 bucks at the ATM and you don't pay it back well then the bank will charge you double of what you borrowed from them for the ATM cash advance and the trick to getting approved for the card is that you need to call capital one bank immediately after you apply for the card this way you build a relationship with capital one bank anyway I hope this review has helped someone out in some way or another and all of this is based on my personal experience with capital one but like i say you need to have a steady income or they might turn you down good luck and may god bless you.

I recommend the Platinum MasterCard. For me after 90 days I was able to product change to a no fee Quicksilver? my limit raised up to 3,500. I also got approved for another Platinum&6 months I will look at the Savor or Venture One.

Try to build credit but how can you do that if you're constantly denied. It's ridiculous. I have fair credit, make good money, but don't have any credit cards. I don't understand how I am supposed to build credit when I can't get approved. Is this just a scam, do you need perfect credit to get approved or just have to have horrible credit?

Open Sky secured card raised my score immensely with just 200$. 7 months later i got approved for a Capital One card 698 score, which by the way is up almost 200 points with the secured card and 3 old collections accounts!

The Capital One Platinum is literally the easiest credit card to get approved for. I applied and was accepted for a 300$ unsecured limit with a vantage 3.0 score of less then 600 and a fico score of 0 from having not enough credit history. If you have been denied elsewhere give cap 1 a shot.

Super card, help rebuild credit or increase score. It's great Capital One offers this card, because most banks & other credit card companies. I appreciate, Capital One for giving individuals a chance to better their credit.

I was approved of a 300 limit when my score was 530 in March 2017. I was so shocked that I finally had my first credit card at 32 years ( I know , sad). After 1 month Credit One sent me an offer and I got approved for a 400 limit. I would obl y spend my Capital one on small items and literally pay it back in a few hours, just to use it. By May 2017 my credit score was 570!!! Yes 570. I donr still understand how it jumped so rapidly. By July 630!!! Contrary to popular belief, I took a chance an applied for a Amex ( i know , you think I'm crazy) BUT I WAS approved for 500 limit!!!!!!!!!!!! By July my CREDIT one was still the same and my Capital One had increased to 450 limit, 150 extra in 4 months! I kept doing the same, keeping my utilization low , I became a credit psycho. I was addicted to raising my credit. By September 2017 ( 6 months later since I started the journey) my credit was a 650, jumped 120 points in 6 months. I think got approved for the Capital one quick silver with a 1000 credit limit and surprisingly I noticed my Capital One platinum had a 750 limit!!! So now , I had Capital one platinum, quick silver, amex, and credit one ( I don't use the credit one). As of Nov 14, 2017. I got my credit pulled through the credit union and I'm at 708!!!!!!!!!!!!!!!!!!!!! Omg! 708. 178 points UP 8 MONTHS!!!!!! I cut the Credit One, no longer need the platinum due to no rewards either, but I did apply for a Wal-Mart card and got approved also. I shop there 3 times a week. I was very responsible and people still can not believe how my credit jumped!!!! I owe it all the Capital one platinum giving me a chance and me being responsible!!!!!! Get this card!!!

I like the overall card design, it’s nice and sturdy. The Quicksilver One almost feels like paper. My CS was 600 got appproved for $300 CL with 24.99%. Hoping to upgrade after a few months. My wife has the QS1 16.05% and she loves it, hoping to join the ranks and make my way up to an Amex within the next year. Fingers crossed.

I am utterly discouraged and I feel like giving up. I’m just beginning to build credit and I’m learning. I have practically every free monitoring service and I’ve watched my score closely. I’ve read so much about credit building my eyes are bleeding. I am doing EXACTLY what has been suggested. I got a FingerHut account. Pay on that religiously. I got the Capital One. Paid 4 x the minimum amount for my first payment and I paid before the due date. I tried the simulator several times and when the FingerHut account was added my score went higher than the simulator showed. I felt like there was hope, no one will extend credit to me and I don’t have bad credit(I mean NO ONE!!!), the simulator showed my credit would increase to 625, to be exact, when I opened a mere $200 CL with a CC. My score went to 566!!!!!!!! That’s over 10 points lower!!!!! FORGET IT & forget getting a secured card to rebuild my credit!!! It’s utterly hopeless because all they do is make things impossible. I don’t know what else to do.

Only good thing is it reports to the 3 major credit agencies. Otherwise, a huge waste of time. Even though my bank clears the payment and they called and verify it there is still an issue every single month when I make a payment.

I always get the same response no matter how high my income is. "Income is too low" is the same response I get every time. I would not suggest anyone apply for this card. I have tried every type of card available, which includes their secured line.

Capital One Platinum Card is a great card that i used to build up my credit.I been using this card for 3 years now and build a great bond with the bank i use.The customer service is great and very helpful every time I needed them to clear problems up.capital one bank is a bank my family been using for a while now and it really been a great choose for all of us.I highly recommend this card to all who are looking for a great way to bank..thank you

I just want to say after applying for so many cards i always got denied because I have zero credit . I am grateful that capitol one has gave me a chance cant wait to get my credit score up . Thanks capitol one .

This is great opportunity to rebuild my damaged credit due to medical collections when I became ill. I pay my balance every month. I don't care if the APR is 100% because I don't carry a balance. This is a credit rebuilding tool and that's all. Good things will happen with responsible use.

I got this card mainly because there is no annual fee, among many other perks. I would improve the grace period and extend it to 60 days. I would definitely recommend it to others.The customer service is excellent and it is the perfect card for me and very useful. I have experience with Wells Fargo too and that company is terrible compared to Capital One.

The capital one platinum card is as advertised: a great entry credit card for those with no to minimal credit. I opted for this one because I needed to build credit, seeing as i had none being under 21. It does its job well, but it has no frills. There are no rewards associated with this card being an entry card and all. I've never had to dispute a charge but when there was a misunderstanding regarding a late payment, they reversed the interest charge almost immediately after clearing it up with customer service. I would have no qualms recommending this card to anyone.

I am trying to re-establish some good credit after getting into some trouble with them when I was younger. I have not had any trouble with the card. I can check it online, and it also has a mobile app. Paying and using the card is easy. I have not had to speak with customer service. I have owned the card for just over one year.

I got this card so I could build my credit. The card reports to the major credit bureaus so it's perfect. I wouldn't improve anything about the card - the payment system is easy, it provides multiple credit limit options, and it works for people with no or bad credit. I would recommend it to anybody who is just starting out with credit and wants to build a good credit score, or anybody with bad credit who wants to rebuild their credit, particularly if they've applied for other cards and been rejected. Customer service is great as well, though I haven't had too much experience with it.

This one was of the first credit cards I got and I still have it. It is what started my relationship with Capital One. APR is a bit high, but as a starting out card it's great. It doesn't confuse you with rewards that you never get or crazy high fees. It's a great card for just about anyone and couldn't be happier with the service from Capital One!

Hello All,
I am totally satisfied with the interest, fees, and service of Capitol One. So much so, that I opened a checking account. Let me explain.
A third of Americans have delinquent debt. That means, in Capital One terms, 1 out every three (1/3) people that have a Capital One Credit Card, will spend a lot on credit, then stop paying their card off. (http://www.usatoday.com/story/money/personalfinance/2014/07/29/america-debt-loads/13152651/) Now consider the further risk of extending credit to a population, that proportionately may be 45%-65% (9/20-9 out of 20), will stop paying their card.
I admit, I was one who did not care about his credit score when I was younger, BUT I am striving and succeeding to rebuild my credit, with the risk Capital One is taking on me as a Credit Risk.
That is why many of us applied to Capital One, because we damaged our credit.I can only repay them with their trust in me by making my payments on time, and not complain if I am penalized for a mistake requiring them to further invest their money in me by covering bounced checks and failed payments.
Be diligent with your credit, and Capitol One's Banking Services, Their not just Credit, will let you open Checking, Savings, and even Money Market Accounts. This is especially convenient because all of my financial information is handled in a centralized location that is easy to access securely online.
THANK YOU CAPITAL ONE!
Sincerely,
Daniel Slack

My card has an interest rate of 14 percent. The card has allowed me to start rebuiding my credit so I can eventually buy a house in the future. I would recommend it to others that are trying to rebuild their credit. The customer service is great. They respond very quickly to emails and on the phone.

This one was of the first credit cards I got and I still have it. It is what started my relationship with Capital One. APR is a bit high, but as a starting out card it's great. It doesn't confuse you with rewards that you never get or crazy high fees. It's a great card for just about anyone and couldn't be happier with the service from Capital One!

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We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.

Editorial Disclaimer: Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.